Published on 5/20/2021 in the Prospect News High Yield Daily.
New Issue: Xenia Hotels prices upsized $500 million 4 7/8% eight-year secured notes at par
By Paul A. Harris
Portland, Ore., May 20 – Xenia Hotels & Resorts, Inc. priced an upsized $500 million issue of eight-year senior secured notes (S&P: B) at par to yield 4 7/8% in a Thursday drive-by, according to market sources.
The issue size increased from $400 million.
The yield printed 12.5 basis points tighter than the 5% to 5¼% yield talk. Initial guidance was 5¼% to 5½%.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included KeyBanc Capital Markets Inc., Wells Fargo Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., BofA Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Raymond James & Associates, Fifth Third Securities Inc., Regions Securities LLC and Credit Agricole CIB.
The notes were sold via XHR LP.
The Orlando, Fla.-based real estate investment trust plans to use the proceeds to repay bank debt and for general corporate purpose.
| Issuer: | XHR LP
|
| Amount: | $500 million, increased from $400 million
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| Maturity: | June 1, 2029
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| Securities: | Senior secured notes
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| Bookrunners: | J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Wells Fargo Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., BofA Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Raymond James & Associates, Fifth Third Securities Inc., Regions Securities LLC and Credit Agricole CIB
|
| Coupon: | 4 7/8%
|
| Price: | Par
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| Yield: | 4 7/8%
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| Call protection: | Three years
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| Trade date: | May 20
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| Settlement date: | May 27
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| Rating: | S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% to 5¼%
|
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